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A Deep Dive into Heating Equipment Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
A Deep Dive into Heating Equipment Market
The expansion of the heating equipment market is anticipated to be driven by the escalating demand in the construction industry. This sector consists of entities that are involved in the construction, maintenance, and repair of infrastructure. Notably, the rising construction sector relies on heating equipment like heat pumps to deliver heating and cooling solutions for buildings of various sizes. For instance, data from the UK's Office for National Statistics in November 2023 demonstrated that new construction activities had grown by £18,161 million ($19.96 million) in 2022. This surge in activity was reflected in both private sector projects, with a growth of 16.8%, and public sector projects, which increased by 13.1%. Consequently, the burgeoning need for the construction industry is a key factor propelling the growth of the heating equipment market.
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What growth opportunities are expected to drive the heating equipment market's CAGR through 2034?
In recent times, the heating equipment market has seen robust growth. The market value is set to increase from $41.37 billion in 2024 to $44.28 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.1%. The historical expansion could be linked to an upswing in residential and commercial building projects, replacements and modernization of outdated heating systems, mounting energy costs and an emphasis on energy efficiency. Factors also contributing to this growth include a surge in acceptance of green and clean energy alternatives and a rising demand for indoor air quality and comfort in buildings.
Predictions show a robust expansion in the heating equipment market in the upcoming years, with its worth escalating to $57.08 billion by 2029, bringing along a compound annual growth rate (CAGR) of 6.6%. The projection for the market's expansion during the said period is due to various factors such as the focus on intelligent and interconnected heating solutions, the inclusion of heat pumps and geothermal heating systems, the concentration on hybrid heating systems for optimized efficacy, the application of district heating systems paired with combined heat and power (CHP) systems, and the personalization of heating solutions based on exclusive building requirements. Foreseen trends in this timeframe consist of high-performing condensing boilers, integration of intelligent thermostats and controls, utilization of heat pumps for both heating and cooling purposes, hydronic heating systems furnished with radiant heating, and the use of biofuels and biomass as heating solutions.
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What are the emerging trends shaping the future of the heating equipment market?
Innovations in technology are becoming a prominent trend in the heating equipment industry. To maintain their market position, key players are adopting new technologies like injection technology. For instance, Mitsubishi Electric Corporation, a company based in Japan, introduced the Ecodan R290 Heat Pump in November 2023. This product is designed to operate silently, thereby ensuring a serene household environment, as well as allowing control over multiple zones for optimizing energy efficiency and personal comfort. The heat pump is designed to provide dependable heating even in harsh conditions, maintaining high heating temperatures of up to 75°C even at -15°C outdoor temperatures, similar to conventional gas boilers performance. This feature facilitates effective heating and a generous supply of hot water for larger households.
Which growth-oriented segments of the heating equipment market are leading the industry's development?
The heating equipment market covered in this report is segmented -
1) By Product: Heat Pumps, Furnaces, Boilers, Unitary Heaters, Other Products
2) By Technology: Air Source, Water Source, Ground Source
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Heat Pumps: Air Source Heat Pumps, Ground Source Heat Pumps, Water Source Heat Pumps,
2) By Furnaces: Gas Furnaces, Electric Furnaces, Oil Furnaces
3) By Boilers: Residential Boilers, Commercial Boilers, Industrial Boilers
4) By Unitary Heaters: Electric Unitary Heaters, Gas Unitary Heaters, Hydronic Unitary Heaters
5) By Other Products: Radiant Heating Systems, Infrared Heaters, Portable Heaters
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What regions are leading the charge in the heating equipment market?
Europe was the largest region in the heating equipment market in 2024. The regions covered in the heating equipment market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What companies are at the forefront of innovation in the heating equipment market?
Major companies operating in the heating equipment market include Danfoss A/S, United Technologies Corporation, Trane Technologies plc, Lennox International Inc., Robert Bosch GmbH, Johnson Controls, Emerson Electric Co., Honeywell International Inc., Siemens AG, Daikin Industries Ltd., Uponor Corporation, Mitsubishi Electric Corporation, Nortek Inc., Pentair plc, Nexans S.A., Carrier Global Corporation, Lucky Gold star Electronics Inc., Panasonic Holdings Corporation, Samsung Electronics Co. Ltd., Whirlpool Corporation, Rheem Manufacturing Company, A.O. Smith Corporation, Bradford White Corporation, Navien Inc., Rinnai Corporation, Viessmann Werke GmbH & Co. KG, Fujitsu General Ltd., Gree Electric Appliances Inc. of Zhuhai, Haier Group Corporation, Midea Group Co. Ltd., Nortek Global HVAC LLC, Ruud Manufacturing Company, Goodman Manufacturing Company L.P., York International Corporation
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What Is Covered In The Heating Equipment Global Market Report?
•Market Size Forecast: Examine the heating equipment market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the heating equipment market for a structured understanding.
•Key Players Overview: Analyze major players in the heating equipment market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the heating equipment market.
•Segment Contributions: Evaluate how different segments drive overall growth in the heating equipment market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the heating equipment market.
•Industry Challenges: Identify potential risks and obstacles affecting the heating equipment market.
•Competitive Landscape: Review strategic developments in the heating equipment market, including expansions, agreements, and new product launches.
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